Are you stuck in the middle class ?
In this article I will teach you how to work your way out of your current situation and possibly enter the world of the 10% of the population that posses most of the money in circulation....
Before I begin, I would like to state that I am not in any way an expert in this subject, the following is only an expression of my opinion in which I have gathered quite some knowledge about over time.
So let's start...
Over the years, the cost of living has gone up dramatically compared to previous decades. While that has been happening, people's income have not grown proportionate to this inflation (cost living) which in time this has caused people to not afford their normal way of living and actually down size beyond their means.
What this implies is... people are going from living well to diminishing their ability to live more freely and have options, where the people that were already living beyond their needs are actually now losing their homes. The rate of home ownership is reducing as we speak and more home owners are renters and some renters are actually homeless, which leaves us to believe that the middle class is slowly getting eliminated.
WHAT YOU WANNA BE DOING IS....
- THINK BIG !
If you wanna be big, you must THINK BIG... It all starts with a simple thought, an idea. VISUALIZE GROWTH AND PROSPERITY for yourself. Begin to think of ways to help yourself slowly work your way up into the higher class bracket ( I will cover ways to do so in future articles) Use your imagination, that's why we have one. After all, we are the authors of our own stories!
- FIND YOUR NICHE AND AREAS WHERE YOU POSSESS THE MOST EXPERTISE.
Find something that you're knowledgeable about and have courage to be self employed and start a business according to the skills that you possess (I will talk about how to use your skills to prosper in future articles)
- LEARN HOW TO BE "CHEAP"
I know what you're thinking, being cheap sounds bad... but actually, being cheap is THE ONLY WAY to become financially stable. DONT BE AFRAID TO BE CHEAP. Ask yourself if you really need something before buying it. Here's a little tip for you... Almost every intelligent rich person out there only invest their money into things that "GAIN VALUE IN TIME". (do not invest your money in things that rot, rust or depreciate over time)
- "CREATE A PASSIVE INCOME"
Creating a passive income will help propel you into a much richer lifestyle due to the fact that it is an income that will require the least of your energy, leaving you with time to focus on other methods for making you more money.
Having a passive income will be extremely important to carry you into the next level. In a few words... Find something that you can set up in a way that will generate income while on the other hand doesn't require most of your time. Here's a couple of ways that provide passive income: Real estate, cryptocurrency or stocks.
@GrantCardone said " Invest in you first, then in Real estate." Wise words from a very wise man. If you don't know who Grant Cardone is, he's a master of sales and of multi family real estate investments.
- CREATE A BUDGET FOR YOURSELF
Having a budget is very important if you want to grow financially. It will guide you and help keep you on track of your finances. Every single dollar needs to be accounted for. Don't be a consumer, be the merchant !
- SAVE SAVE SAVE !
But not with the intentions of keeping it for retirement ... SAVE TO INVEST !
This is one of the most important things to master to get yourself on the path of success; You must learn how to be a saving machine!!! Saving is going to be the most important thing for you to get out of your current state. (Don't worry, I will talk about some saving strategies in my future articles that will hopefully help you)
- READ THE FOLLOWING 3 WORDS CAREFULLY... " INVEST INVEST INVEST "
No investment is too small, start with what you can afford in your current situation. Investing your money is where you will begin to grow richer financially. This is how 99.9% of the wealthiest people on the planet have become rich and GET RICHER every day. Having an investment strategy will definitely be an excellent way to gain profits (*or lose some profit, so be extremely wise with your decisions)
Investing your money is the only way to catapult yourself into a better financial situation.
You must come up with a way to make your money "WORK FOR YOU", not the other way around.
- GROW YOUR INVESTMENT!
This can be quite tricky for most people but will be extremely important to try and master as best as possible. Continuously looking for new ways to step up your game and keep growing your investments will be a key factor in determining the uprise of your growth. .
- KNOWLEDGE IS GOLD
Having the proper knowledge will earn you higher rewards. You should start learning more and gaining more knowledge. Warren Buffet, "Learning more = earning more"
Having a great amount of knowledge will help you make the most appropriate decision during a time where it will be needed the most.
Master yourself to grow masterful !
Well Steemians, that's all for now. I would like to end this with a magic word that I hope will remain implanted in your mind, "INSPIRATION", inspiration is extremely important for success, the feeling of being inspired will drive you right to the top in no time. Find a reason to be inspired. Accomplish certain missions you have and constantly remind yourself why you're doing what you're doing. Keep the feeling of inspiration and use it to prosper and become successful.
I would like a to thank everyone who's taken the time to read this article. Much appreciated and I sincerely hope this has helped you.
Best Regards!
I'd tack one more point on! Develop a stream of passive income! This is what the rich are able to due which absolutely builds their wealth in the long run. Unfortunately for the middle class, finding enough to capital to deploy to get the ball rolling is the hardest part.
Something I've recently come to learn. In the last two months I've gone from just stashing cash away (gaining little to no interest) to putting a bunch into crypto currencies, and conventional stock market through my TFSA (Canada). The nice thing about the latter is that you pay zero taxes on any money made if it's through your TFSA. Now it's time to let my money work for me, while I'm at work haha. More people need to push themselves to look into these things, instead of blowing money on depreciating liabilities.
Whatt!! Zero taxes through the TFSA? A capital gains free way of investing in the stock market. Man I'm jealous. I think I'll have to move in with an uncle in Toronto, haha. Joking aside, absolutely! There's nothing worse than coming into a significant sum of money only to blow it on a car, appliances, etc, like you said on depreciating liabilities. I think this past year in crypto has afforded many people to choice to make extravagant purchases or build a basis of passive income to generate benefits for decades to come. I just hope people choose wisely. :p
Haha...well I think you have to have a Canadian SIN number to be able to open a TFSA, but I know you were making a joke. I've yet to make a killing on crypto's....but so far I'm up a few thousand from a 9 grand investment. Between getting in a little too late, making some bad choices (newbie stuff), etc...I missed out on some life changing opportunities. That's the game. It's still a new world, and the masses have yet to begin exploring it. We're still in it early compared to most people. Here's to prosperity! Take care.
@darkinfiniti That's fantastic ! It's great to see that you understand the value of investing in yourself. Keep learning my fellow friend, it never hurts! ;) 👍 Thank you very much for sharing your thoughts with us! It is truly appreciated :) Did you check out the new tag I created ? Well, once again... thanks.
Thanks to you as well. Always trying to learn new things, especially in the investment world. Been working too hard the last 10 years, but it's given me the chance to make the money to get into the investment world. Now it's time to get the money working for me, so I can retire to a nice beach somewhere haha. I think we're all looking for something of that nature. Slavery sucks. Still new to this steemit thing, so I'm trying to navigate as best as possible. The layout doesn't make it easy for newbs. This site/idea could use some simplification. I'll be sure to read some more of your stuff when I get the chance, though. Take care out there.
Your comment is deeply appreciated. Thank you very much !
Of course! Great write up :)
I appreciate it, thank you!
Thanks! 👍
Some excellent advice there. Although I will say that starting a business is not as easy as it seems. Most employed people look out of the window with big ideas of running their own successful business. I've worked full time at developing my business for 6 months and still haven't earned a penny. It's a work in progress but it's going to take a lot more hard work.
All you have to do is keep at it. I think it's a pretty general consensus that most starting businesses always operate at a loss for the first year or two. If it's something you believe in, and work at, the word will get out and it will start becoming successful. I work for someone who began with just me and him 10 years ago. Now he has around 10 employees, a tow truck company, full bodyshop etc. It's work, but it will happen in time if you keep at it. Good luck in your endeavors. Without people who start up businesses, a lot of people would be out of work, so props to you for going off on your own.
I agree! It can be rough the first couple of years but with dedication and hard work comes success! Thanks for commenting and interacting on my blog @darkinfiniti 🙏🏼
Thank you very much! Your thoughts are deeply appreciated 🙏🏼 Keep it up and good luck with your new business! It will not be easy that's for sure, but don't give up and I guarantee that in time you will gain rewards from all of your efforts! God bless! And don't hesitate to come back and chat with us !
Many thanks for that.
My pleasure!
Invest in you so you can increase your income, then invest in real estate
Your comment is extremely appreciated @GrantCardone. Thank you for sharing. You're a true master at what you do !
Nice article. All good ideas, which I have recently started doing a few myself. Thanks for taking the time to write it.
Thank you ! I appreciate it very much . Looking forward to reading some of your articles 👍
@darkinfiniti That's great stuff ! I'm interested, would you care to share some of your most recent changes? I'd truly love to know :)
First and far most, let me begin to show my gratitude to every single one of you who have engaged with my blog. Interacting with y'all has been extremely pleasant and I truly hope that I get to interact with you guys again and again! In time, I'm hoping to gain a great amount of amazing followers and will do my part to help in any m possible way. You guys have all inspired me to want to become much better at this and I guarantee that I will. Some of you have really interesting articles, and others are quite fun to follow.
Go check out my post - "Community matters " and join the family circle community. All you gotta do is add the francescop tag as one of your 5 tags, and let's all help each other grow together as a community!
LETS DO THIS !
Once again , thank you to all.